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ENT O,i. <br />a "meq i <br />ta IIII n <br />DEPARTMENT OF <br />c'9G,po0.N1P F I N N C E <br />EDMUND G. BROWN JR. • GOVERNOR <br />91 5 L STREET ■ SACRAMENTO CAM 95B1 4-3708 ■ WWW.DOF.CA.00V <br />REVISED <br />June 23, 2015 <br />Mr. Jeff Kay, Business Development Manager <br />City of San Leandro <br />835 East 14th Street <br />San Leandro, CA 94577 <br />Dear Mr. Kay: <br />Subject: Other Funds and Accounts Due Diligence Review <br />This letter supersedes the California Department of Finance's (Finance) original Other Funds and <br />Accounts (OFA) Due Diligence Review (DDR) determination letters dated March 22, 2013 and <br />April 27, 2013. Pursuant to Health and Safety Code (HSC) section 34179.6 (c), the City of San <br />Leandro Successor Agency (Agency) submitted an oversight board approved OFA DDR to <br />Finance on January 11, 2013. The purpose of the review was to determine the amount of cash <br />and cash equivalents available for distribution to the affected taxing entities. Finance issued an <br />OFA DDR determination letter on March 22, 2013. Subsequently, the Agency requested a Meet <br />and Confer session on one or more items adjusted by Finance. The Meet and Confer session was <br />held on April 9, 2013. <br />Based on a review of additional information and documentation provided to Finance during the <br />Meet and Confer process, Finance has completed its review of those specific items being <br />disputed. Specifically, the following adjustments were made: <br />• Transfer in the amount of $173,477. Our review indicates that the Agency transferred <br />$48,141 in principal and $125,336 in interest on January 23, 2012 to the City of San <br />Leandro (City) to repay the Joint Project Area Loan. Pursuant to an October 2014 court <br />order, Finance no longer objects to the transfer of these funds to the City. <br />• Transfers in the amount of $2,437,273. Our review indicates $2,437,273 was <br />transferred to the City for the Plaza Project City Loan as follows: <br />o Plaza Loan Repayments in January 21, 2011 for $171,764 principal and <br />$128,236 interest <br />o Plaza Loan Repayments in March 7, 2011 for balance repayment totaling <br />$2,137,273. <br />o We note the balance repayment exceeds the outstanding amount at the time the <br />payment was made. After the January 21, 2011 payment, the outstanding <br />balance was $1,965,510. <br />Per HSC section 34179.5 (c) (2), the dollar value of assets and cash transferred by the <br />former redevelopment agency or successor agency to the city, county, or city and county <br />